IRS Forms for Reporting Foreign Income: Compliance Challenges

Mastering Latest Demands of Forms 8621, 8858, 2555, 8832 and Others

Recording of a 110-minute CPE webinar with Q&A


Conducted on Tuesday, October 23, 2012

Recorded event now available

or call 1-800-926-7926
Program Materials

This teleconference will prepare tax advisors and corporate tax professionals working on forms 8621, 8868, 2555, 8832 and related forms with practical experiences geared toward improving compliance.

Description

As the pace of U.S. companies doing business in foreign markets hastens, tax advisors and corporate tax staff are called upon to handle federal forms with which they may not have much experience, in an era when IRS examinations in this area have been ramped up in rigor.

Compliance challenges can arise with Form 8621 for shareholders in a passive foreign investment company, Form 8858 on information about foreign disregarded entities, Form 2555 on reporting foreign earned income, Form 8832 on entity classification, Forms 1116 and 1118 on foreign tax credits, and other forms.

Advisors and taxpayers can better prepare and sharpen their ability to solve compliance challenges with these foreign income-reporting forms, and anticipate auditor red flags, through the experiences of tax advisors who frequently deal with the data demands.

Listen as our panel of seasoned advisors identifies the most difficult aspects of preparing the various forms for reporting income from international activities, and discusses approaches to comply with them.

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Outline

  1. Purpose and evolution of forms for reporting international income
  2. IRS enforcement and audit environment to date
  3. Difficult compliance issues related to several forms
    1. Form 8621
    2. Form 8858
    3. Form 2555
    4. Form 8832
    5. Form 1118
    6. Form 1116
    7. Others

Benefits

The panel will tackle issues arising with forms compliance when it comes to:

  • Foreign earned income generally, as well as issues arising from entity classification elections.
  • Passive foreign investment companies or qualified electing funds.
  • Involvement in foreign partnerships.
  • Foreign tax credits.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Russell Mansky
Russell Mansky

Partner
Spott Lucey & Wall

He is the CPA firm's lead specialist on controlled foreign corporations and an income tax compliance expert. He works...  |  Read More

Douglas Holland
Douglas Holland
Senior Manager
KPMG

He is assigned to the International Corporate Services Group in the firm's Washington National Tax Practice. He...  |  Read More

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